Trackon Canada private Limted T/as Paypenny is registered with the Financial Transactions and Reports Analysis Centre (FINTRAC). To view our registration details visit FINTRAC and reference our registration number M20726025

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Terms and conditions

This User Agreement (the “Agreement”) is a legal agreement between you and TRACKON CANADA PRIVATE Limited o/a PAYPENNY (“PAYPENNY”) and governs your access and use of PAYPENNY services, including money transfer services and any other products and services provided by PAYPENNY through our website, mobile applications, software, APIs or other access channels (collectively, the “Services”). By accessing and using our Services, you agree to be bound by this Agreement, as well as all agreements and policies referenced in this Agreement that apply to you, including without limitation our Privacy Policy and the Terms of Use. You further agree to any supplemental terms specific to the Services you use such as those additional service terms listed on our Legal and Policy page, including the Global Currency Account Terms of Service, which become part of your agreement with us and are hereby incorporated in this Agreement (collectively, the “Terms”).

We may amend this Agreement or any of the Terms from time to time. Such modifications will become effective upon the earlier of posting to our website or otherwise communicating the changes to you. Your continued use of the Services after the effective date of the posting will be deemed acceptance thereof. If you do not agree with any of the amendments, your sole remedy is to terminate your account with us.

This Agreement applies to Canadian residents only. If you reside outside of Canada and wish to use our Services, you can register with one of our affiliates and a separate agreement will apply.

As used throughout this Agreement, “website” refers to, our mobile site and application. The terms “you” or “your” refers to individuals who register for, use or access the Services. The terms “we,” “us” and “our” refers to PAYPENNY. Please note that headings in this Agreement are for reference only.

  1. Our Services

    PAYPENNY offers an online money transfer service that allows you to convert your money to a foreign currency and send the funds abroad to recipients in different countries (“Transfer Service”). You may also use our Transfer Service to book Forward Contracts and Limit Orders (as detailed below). We provide additional products and services to facilitate your international payment needs, such as our Global Currency Account Service and any other service that PAYPENNY may make available from time to time. Enrollment or registration may be required to access these supplemental services and additional terms and conditions may apply.

    As used in the Terms, a “Transaction” refers to any transfer conducted and processed through our Transfer Services. A “Recipient” refers to the beneficiary designated by you to receive funds sent through the Transfer Service. In some instances, you, as the sender, may also be the Recipient such as when you send funds to your own account overseas.

  2. Eligibility

    In order to access or use our Transfer Services, you must reside in Canada and be at least eighteen (18) years old and you must be capable of forming binding contracts under applicable law. You may not send a transfer funds on behalf of a third party. Our Services may not be available in whole or in part in some jurisdictions due to local laws and regulations.

  3. Types of Accounts

    You must open an account with us to use any of our Services (“User Account”). We offer one type of User Accounts: personal account. You must register for the type of account that best suits the purpose of your intended Transactions with PAYPENNY.
    a. Personal Accounts Personal accounts are intended only to be used for Transactions related to personal, family or household purposes. Personal accounts may not be used for business, commercial or merchant transactions. Some features of our Services may not be available to personal account holders.

  4. Account Set Up

    Account Registration
    When registering for a User Account with us, we will request certain information from you including identification information and other personal information. You must provide accurate and complete information to us in response to any of our inquires and you must keep all information current. Unless we provide explicit approval to you to open more than one PAYPENNY account, the creation of duplicate accounts for the same user is not permitted.

    a. Validation
    To comply with federal laws and regulations, we must obtain, verify and record certain information about you. Accordingly, we may request additional information (including non-public personal information) about you, your business or your Recipient when you open your User Account or any time thereafter. Examples of additional documentation or information, include without limitation: government-issued photo identification, business invoices, banking statements or other personal, financial or business information that may reasonably allow us to confirm your identity, validate the purpose of your transaction or authenticate your funding source. By accepting this Agreement, you authorize us to make inquires with certain third parties, such as credit reporting agencies or other information providers, that we deem necessary to verify your identity. We reserve the right to suspend or limit access to our Services if we are unable to sufficiently verify your information.

    b. Third-Party Verification.
    You agree that we may verify your name, address, phone number and other identifying details with information about you held by third-party sources including Trulioo Information Services Inc. as well as your mobile service provider to verify your identity and help protect against potential fraud, such as when someone other than you attempts to use your account or conduct a Transaction without your authorization or permission. You hereby provide your consent to such third parties to disclose and compare your information for this purpose.

  5. Account Management

    Only the registered user of the account, or any authorized user approved by PAYPENNY to access the account, may conduct Transactions through a User Account. All Transactions and actions undertaken in relation to a User Account will be deemed those of the registered user. You are responsible for safeguarding your log-in credentials. You agree to contact us immediately if you believe that your username and/or password has been lost, stolen or compromised in any way or you believe that an unauthorized person has accessed or may access your User Account. You must notify PAYPENNY promptly with any changes to your personal details such as your e-mail address or telephone number.

  6. Booking Transactions

    When initiating a Transaction, you will be asked to provide specific information concerning your Transaction, including but not limited to: (i) the full name of the Recipient; (ii) the Recipient’s bank account information including bank name, account number, IBAN, routing number, bank or branch codes; (iii) the amount you wish to transfer; and (iv) payment method information (collectively, your “Instructions”). You should ensure that all Instructions are accurate before submittal. Failure to provide accurate information, may result in delay or mis-delivery of funds. Upon submission of your Transaction, you will receive a booking confirmation that details: (i) any applicable fees assessed on the Transaction; (ii) the exchange rate applied to the conversion of funds; and your instructions for delivery including Recipient account information (the “Confirmation”). The Confirmation will be sent by email to the email address associated with your User Account. Please contact Customer Service if you do not receive a Confirmation. You should review the Confirmation carefully and notify us immediately if you identify any errors or if any information included on the Confirmation is incorrect. All Transactions are final upon submission and cannot be canceled or amended unless otherwise required by law. We reserve the right to reject, cancel, delay or block any Transaction for any reason including without limitation because: (i) providing Services to you would or processing a particular Transaction would constitute a violation of applicable law; (ii) you fail to provide adequate verification of your identity or the purpose of your Transaction; (iii) you fail to provide any additional information requested by us; (iv) we are unable to contact you for a period of 24 hours from the date of booking; (v) you provide false or misleading information; (vi) we believe in our sole discretion that the Transaction is unauthorized, fraudulent or inauthentic; or (vii) you are otherwise in breach of the Terms.

  7. Payment Methods

    You must ensure that we receive full payment for the Transaction amount within two (2) business days of booking the Transaction. Your Transaction will not be completed and funds will not be delivered until we are in receipt of cleared funds in the full amount of the Transaction. Failure to provide payment may result in delays and/or losses borne by you. You may fund your Transaction by wire transfer from your bank account (“Bank Transfer”) or by electronic funds transfer through INTERAC E - TRANSFER.

  8. Payment by Bank Transfer

    If you choose to pay for your Transaction by Bank Transfer, you must arrange a transfer of funds to our specified bank account immediately upon receiving the Confirmation. The Confirmation includes all the information required to facilitate the transfer from your bank account.

    immediately if there is any discrepancy between the amount of your Transaction (as stated on the Confirmation) and the amount withdrawn from your Bank Account by EFT. If an EFT fails due to insufficient funds or is otherwise rejected, we may resubmit the EFT for processing in accordance with the rules of the Canadian Payments Association.

  9. Default Rights

    We may deem you in ‘default’ of this Agreement if: (i) you fail to make full payment for any Transaction when due; or (ii) your ACH Debit bounces, is returned unpaid or otherwise is dishonored and no alternate form of payment is received by us.
    a. Reversals
    We reserve the right to reverse any Transaction that is deemed in default without notice to you. When we reverse a Transaction, we sell back the currency that we purchased at the time you booked the Transaction at the prevailing market rate. If the value of the purchased currency has strengthened, a loss will be incurred (“Reversal Loss”) and you will be liable for the amount of that loss.

    b. Right of Set-Off
    You agree to pay all amounts owed to us on demand. You acknowledge that we may without prior notice to you satisfy or partially offset any loss payable by you by deducting the total or a portion of the amount of such loss (together with any fees or expenses) from any funds we hold in relation to any Transaction booked by you, including but not limited to an Advance Payment. If the collateral or funds that we hold is insufficient to cover the loss, you will remain liable to us for the remaining balance of the loss.

    c. Costs
    . Your failure to pay any amount owed to us is considered a breach of this Agreement. In addition to the amount owed, you will be liable for any costs we incur during collection of such amounts. Collection costs may include attorneys’ fees and expenses, cost of arbitration proceedings, collection agency fees, applicable interest and other related costs.

  10. Exchange Rates

    When you initiate a Transaction, we will provide a quote to you for the exchange rate that will be applied to your Transaction. The exchange rate quoted is subject to rapid market fluctuations and is not guaranteed until the Transaction is submitted. Your applicable exchange rate will be disclosed on the Confirmation and receipt.

  11. Cancellation

    Unless otherwise required by law or in this Agreement, you may not cancel a Transaction once it is submitted and confirmed.

  12. Recording Telephone Calls

    We may, without notice or warning, monitor or record telephone conversations you or anyone acting on your behalf conducts with us for quality control and training purposes or for our protection. You acknowledge that we have no obligation to retain or make available to you such recordings.

  13. No Margin or Speculative Trading

    PAYPENNY is a money transfer service and does not offer any form of margin or trading services or products. Our Services are not intended to be used for speculative purposes. We will not enter into any type of set-off arrangement which would require settlement in the form of a payment of losses to us or pay out of profit to you as the result of an exchange rate movement.

  14. No Advice or Recommendations

    We will not take into account your specific financial circumstances or needs when you enter into a Transaction with us and we will not disperse any advice as to the suitability of any Transaction for you. To the extent that we provide any information, it will relate only to the mechanics of your Transaction or to publicly-available information which should not be construed as financial or investment advice. You should obtain independent financial advice with respect to whether a particular Transaction is appropriate for your particular circumstances. You are solely responsible for determining the type and timing of all Transactions you conduct.

  15. Termination or Modification

    We may suspend or terminate your PAYPENNY account or your access to any Service at any time for any reason. We may add, remove, suspend, discontinue, or modify all or some of the Services. We may at any time impose additional conditions upon use of a Service or any feature or aspect of a Service. We have full discretion to add, waive or increase fees in relation to the Services at any time. We will take reasonable steps to notify you of such changes or termination. In no event, will we be liable to you or any third party for any compensation, reimbursement of damages of any kind that arise out of termination or suspension of the Service. You may terminate this Agreement or any other supplemental Service at any time by closing your account. To close your account, please contact Customer Service by email at

  16. Electronic Notices and Disclosures

    As an online service, most of our communications with you including but not limited to transaction receipts or confirmations, annual or periodic notices, updates to agreements and disclosures will be provided to you in electronic format, unless otherwise required by applicable law. We will provide these communications to you by posting them on the OFX website or by emailing them to you at the address listed in your profile. You agree and consent to receive such communications in electronic format. You further agree that such electronic communications have the same meaning and effect as if we had provided you with a paper copy. You may withdrawal your consent to receive all communications in electronically, but if you do so you will no longer be able to use our Services. For full details on electronic receipt of communications, including system requirements please see our e-Sign Consent Agreement.

  17. E-Signatures

    By selecting the “I agree” box or typing your name as directed on any requisite form, you agree that your electronic signature constitutes your consent to be bound by the Terms. You further acknowledge that your electronic signature is the legal equivalent of your manual/handwritten signature. You also agree that no certification authority or other third-party verification is necessary to validate your signature and that lack of such certification will not in any way affect the enforceability of your signature or any resulting agreement between you and PAYPENNY. If you fail to provide your acceptance of the Terms, you cannot open an account with us or otherwise use our Services.

  18. Privacy

    We are committed to protecting your privacy. Please review our Privacy Policy to learn more about how we safeguard, share and use your information.